DUBAI, UNITED ARAB EMIRATES: 21 May 2013 - Thomson Reuters, the world's leading provider of intelligent information for businesses and professionals, today launched an Islamic Finance Development Indicator in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB).
The indicator is a numerical measure representing the overall health and growth of the Islamic finance industry worldwide.
The indicator expands the scope of Thomson Reuters' universe of Islamic finance content, research and news analysis to develop a much needed unbiased and reliable multi-dimensional barometer of the development of the Islamic finance industry. The indicator measures five key components quantitative development, governance, social responsibility, knowledge and awareness.
Russell Haworth, managing director, Middle East and North Africa, Thomson Reuters, said: "Thomson Reuters has been at the forefront of some of the major market moving measures in the world. This initiative confirms our commitment to develop high impact indicators that measure the growth of Islamic Finance services."
Khaled Al-Aboodi, Chief Executive Officer, Islamic Corporation for the Development of the Private Sector, said: "This step meets the growing global demand for transparent and accurate industry information across global Islamic finance markets. We recognise that the industry requires effective holistic measures and we are delighted to collaborate with Thomson Reuters to facilitate this significant milestone that will support the development of the Islamic financial services industry."
Sayd Farook, Global Head Islamic Capital Markets, said: "There is no one unique indicator representing the health of the Islamic finance industry in aggregate. As a result, professionals, mass media and consumers rely for their information on misrepresentative or worse, one-dimensional proxies such as the size of Islamic banking assets or sukuk."
Farook concluded: "The Islamic Finance Development Indicator is a unified benchmark that measures the industry's growth and covers several elements including governance and social responsibility"
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About Thomson Reuters
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The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral developmental organization affiliated with the Islamic Development Bank (IDB) Group. Its authorized capital stands at $2.0 billion. Its shareholders consist of the IDB, 52 member countries, and five public financial institutions. Headquartered in Jeddah, KSA, the ICD was established by the IDB Board of Governors during its 24th annual meeting held in Jeddah in November 1999.
The mandate of the ICD is to support the economic development of its member countries through provision of finance to private sector projects in accordance with the principles of Sharia'a law i.e., Islamic Law.
About the Islamic Development Bank IDB
The IDB is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah, KSA, in December 1973. The Bank was formally opened on 20 October 1975.
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© Press Release 2013